Preface
I.	FINANCIAL AND CORPORATE SECTOR RESTRUCTURING IN EAST AND SOUTH-EAST ASIA: AN OVERVIEW
	A.	Economic crisis and corporate governance
	B.	The impact of the financial crisis
	C.	Approaches to restructuring
	D.	Adopting international standards and strengthening legal framework
	E.	Constraints and remaining agenda
	F.	Conclusions and lessons
II.	GOOD CORPORATE GOVERNANCE IN POST-CRISIS INDONESIA: INITIAL CONDITION, WINDOWS OF OPPORTUNITY AND REFORM AGENDA
	Introduction
	A.	Historical overview
	B.	Impact of the crisis
	C.	The chosen approach toward restructuring
	D.	Some lessons from the crisis
	E.	Summary and conclusions
III.	GOVERNANCE RE-INVENTED: PROGRESS, CONSTRAINTS, AND REMAINING AGENDA IN BANK AND CORPORATE RESTRUCTURING IN MALAYSIA
	Introduction
	A.	Pre-crisis structure of the Malaysian financial system
	B.	Financial and corporate sector restructuring
	C.	Illustrations of corporate governance
	D.	The remaining agenda
	E.	Corporate sector restructuring
	F.	Conclusion
IV.	GOVERNANCE RE-INVENTED: THE PROGRESS, CONSTRAINTS, AND REMAINING AGENDA IN BANK AND CORPORATE RESTRUCTURING IN THE REPUBLIC OF KOREA
	Introduction
	A.	Governance-banking-corporate relationship: old paradigm of high growth and its problems in a transition period
	B.	Pre-crisis governance structures of the Republic of Korea banking and corporate sectors
	C.	Restructuring of the governance structures after the crisis
	D.	Assessment of the restructuring of the governance structures
	E.	The remaining agenda for a new paradigm
	F.	Conclusion
V.	PICKING UP THE PIECES; BANK AND CORPORATE RESTRUCTURING IN POST-1997 THAILAND
	A.	Before the bubble
	B.	The bubble
	C.	Into the crisis
	D.	Picking up the pieces
	E.	The restructuring process
	Epilogue
ANNEX:	Report of the subregional seminar on governance re-invented: the progress, constraints, and remaining agenda in bank and corporate restructuring in East and South-East Asia
List of Tables
	Table I.1.	How concentrated is family control?
	Table I.2.	Main macroeconomic indicators of selected developing Asian economies, 1996-2000
	Table I.3.	NPLs of crisis-affected countries
	Table III.1.	Danaharta loan recovery
	Table III.2.	Danaharta expected loan recovery
	Table III.3.	Progress of Danaharta as at 31 March 2001
	Table III.4.	Danamodal operations
	Table III.5.	Progress of Danamodal as at 31 March 2001
	Table III.6.	List of finance companies
	Table III.7.	List of banking groups
	Table III.8.	Loan approvals and disbursements
	Table III.9.	Banking system: loans by selected sector
	Table IV.1.	Republic of Korea's marginal productivity of capital, 1971-1997
	Table IV.2.	Inflation and interest rates, 1964-1972
	Table IV.3.	Inflation and interest rates, 1973-1990
	Table IV.4.	Non-performing loans of commercial banks
	Table IV.5.	External debts of the Republic of Korea
	Table IV.6.	Composition of corporate external financing by source
	Table IV.7.	Composition of equity and debt financing in the corporate sector
	Table IV.8.	Fund deficits in the corporate sector and the supply of long-term funds
	Table IV.9.	Composition of long and short-term financing in the manufacturing sector
	Table IV.10.	Dept-to-equity ratio of the manufacturing sector
	Table IV.11.	Net income-to-total assets ratio of the manufacturing sector
	Table IV.12.	Terms of trade, exchange rates and foreign exchange reserves
	Table IV.13.	Ownership by major shareholders in the Republic of Korea
	Table IV.14.	Number of cases and duration of bankruptcy proceedings, 1993-1995
	Table IV.15.	Board composition of commercial banks of the Republic of Korea
	Table IV.16.	Key items of minority shareholders' rights
	Table IV.17.	Ownership of the government organizations in commercial banks
	Table IV.18.	Ratio of outside directors to all directors
	Table IV.19.	Composition of outside directors
	Table IV.20.	Composition of auditing committee
	Table V.1.	Surplus of saving over investment by sectors in Thailand, 1975-1996
	Table V.2.	Sources of financing flows for investments by non-financial incorporated enterprises, 1975-1996
	Table V.3.	Sources of financing flows for investments by non-financial incorporated enterprises, 1991-1996
	Table V.4.	Flows of funds from and to commercial banks, 1991-1996
	Table V.5.	Stock of external debt of Thailand, 1991-1996
	Table V.6.	Sources and uses of FIDF funds, June 1996-August 1997
	Table V.7.	Value of winning bids for the FRA's auction of assets as per cent of face value
	Table V.8.	Current account and net flows of private financial account, 1997-2000
	Table V.9.	Movements of NPLs, July 2000 - March 2001
	List of figures
	Figure III.1.	The financial system structure: the banking institutions
	Figure III.2.	The financial system structure: the financial markets
	Figure III.3.	Objectives of restructuring the banking sector
	Figure III.4.	Loans as a percentage of GDP
	Figure III.5.	Loans growth by sectors
	Figure III.6.	Breakdown of loans by sector, April 1998
	Figure III.7.	Breakdown of loans by sector, April 1997
	Figure III.8.	External debt - breakdown by tenure
	Figure III.9.	External debt - breakdown by private-public sector
	Figure III.10.	Three-pronged approach to resolve problems in the Malaysian banking system
	Figure III.11.	Golden Hope Corporate Governance Structure
	Figure IV.1.	Government-banking-corporate relationship
	Figure IV.2.	Pre-crisis governance structures of the banking and corporate sectors
	Figure IV.3.	Post-crisis governance structures of the banking and corporate sectors of the Republic of Korea
	Figure V.1.	Ratios of gross domestic investment and capital account surplus to gross domestic product, 1990-1996
	Figure V.2.	Distribution of loans by number of creditors, 2000
	Figure V.3.	Monthly exchange rate and interest rate movements, January 1997 - March 2001
	Figure V.4.	Foreign-currency denominated loans and borrowings of Thai banks
	Figure V.5.	Percentage of NPLs in total loans outstanding
	Figure V.6.	Bills, loans, and overdrafts of commercial banks